TITLE

Hamilton, Mo., Won't Cover FY 2005 Debt Service on $2M of COPs

AUTHOR(S)
Shields, Yvette
PUB. DATE
September 2004
SOURCE
Bond Buyer;9/7/2004, Vol. 349 Issue 31963, p40
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that investors who hold dollar 2 million of certificates of participation sold by Hamilton, Missouri, won't receive their October debt service payment as a result of the city's decision not to appropriate fiscal 2005 payments, the trustee said last week. Hamilton sold the unrated COPs in 1998 to finance the installation of natural gas lines. The city did not include the appropriation for rental payments to cover the debt service in its new budget, which took effect on July 1, a move that triggered the termination of the city's lease of the lines as of June 30. The termination of the lease in turn triggered the default that was reported by the trustee in a material event default notice dated August 16.
ACCESSION #
14371910

 

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